How to Manage Your Finances After Divorce

Posted By Law Offices of R. Morgan Holland, L.C. || 11-Sep-2015

When it comes to filing for divorce, there is no doubt you will need to focus on your finances in the aftermath. Understandably, divorce is expensive, leaving one to wonder if they will have enough to support themselves on their own. Money is one of the most contentious matters in divorce settlements. It is often the reason couples do not see eye to eye, thus prolonging the divorce proceedings.

The Law Offices of R. Morgan Holland, L.C. has encountered many of these situations with our clients. As family law and bankruptcy lawyers, we can offer you legal guidance on your divorce, expedite the process, and also offer some advice on how to maintain control of your finances.

Creating Your Financial Checklist

Long before the ink dries on your divorce papers, you should already be thinking about your financial future. Think about your monthly bills: rent, utilities, car payments, and other necessities. You will also have to factor in whether or not you anticipate paying child support or spousal support. Finally, consider whether or not you have existing debt, joint accounts, and other shared financial ventures with your spouse.

You will want to detangle yourself as much as possible from any monetary responsibilities. This is only meant to safeguard your future so that you can move forward.

Here are some of our top tips to help you create a financial checklist:

  • Make a budget and stick to it. Know how much your necessities will cost. Estimate a budget for everything, including your personal items or activities. Be honest about how much you spend, and think about where you can cut a dollar or two. This may only serve to help yourself in the long run.
  • Determine your debts and pay them back. This is especially crucial if you share accounts. Remember, though, that if you share a loan or have credit debt with your spouse, and your name is still on the account, you are still responsible for payments. For your personal debt, you might be surprised to know that many creditors are willing to work with you. Together, you can create a manageable payment plan.
  • Protect your credit. Credit scores can drop off after divorce, especially for those who are struggling financially. Always stay on top of your credit score and maintain good relationships with your creditors. You may need to rebuild your credit score, as well, so starting small to establish credit is a good idea for such a situation.
  • Keep your will updated. Who will inherit your money? You will want to ensure that your beneficiaries receive precisely what you had intended. Your children or other descendants, for example. You can remove your ex-spouse’s as a recipient and name another instead.

We hope that these can help you get started on the right path toward a stress-free financial life after divorce. As always, should you have any questions about this matter, we urge you to contact our The Law Offices of R. Morgan Holland, L.C.

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